Note 2 - Accrued Expenses

6 Months Ended

Jun. 30, 2015

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 2. Accrued Expenses

Accrued expenses consisted of the following balances:

	June 30, 2015		December 31, 2014

Indemnification liability	$	450,000	$	450,000
Accrued commissions		412,394		460,977
Reserve for processing losses		272,365		272,365
Accrued salaries		174,703		158,380
Assumed liabilities		52,147		255,772
Accrued taxes		29,954		125,194
Other accrued expenses		149,615		128,345
Total accrued expenses	$	1,541,178	$	1,851,033

On December 22, 2014, the Company entered into an Asset Purchase Agreement with Akimbo Financial, Inc. (“Akimbo”), a Texas corporation (the “Asset Purchase Agreement”). The assumed liabilities account is part of the Akimbo acquisition. Under the Asset Purchase Agreement, the Company entered into a transition agreement which provides for the continuation of the Akimbo business. Under the terms of the transition agreement, Akimbo agreed to provide services to customer cardholders in the ordinary course of business, and deduct any contract costs from the contract revenues for a period of 180 days following December 22, 2014 and the Company agreed to pay the costs on behalf of Akimbo up to a total amount of $300,000. As of June 30, 2015 the remaining balance is $52,147. Akimbo and the Company have agreed to extend the 180 days to apply the remaining balance of assumed liabilities.